This chapter provides a systematic overview of the qualifications of the foreign-born and their returns in the labour market, both in Europe and the United States, compared with the native-born with similar demographic characteristics living in the same countries. Immigrants with foreign qualifications have on average lower educational attainment levels than the native-born. The differences are larger in the United States than in Europe, and are also larger for immigrants who have been longer in the country. Immigrants with foreign qualifications have lower returns to tertiary education than the native-born in terms of employment and in terms of job quality. There are also large differences in the qualification levels of immigrants and their returns on the labour market depending on their migration category, with labour migrants having higher qualifications and better outcomes than humanitarian and family migrants. Immigrants who report language difficulties have lower employment and higher overeducation than otherwise similar immigrants who do not. Finally, immigrants who have their foreign degrees recognised have significantly lower overeducation rates than immigrants who do not, even after accounting for the origin of the qualifications and the field of study.